Chairman of BUA Cement, Abdul Samad Rabiu, has risen to become
Africa’s second-richest man as of May 7, 2026, according to Bloomberg’s
Billionaires Index.
A
check of the Bloomberg Billionaires Index shows that Rabiu’s net worth is now
estimated at $19.1 billion, placing him second only to Africa’s richest man,
Aliko Dangote.
The
Nigerian billionaire is the founder and chairman of BUA Group, a major
conglomerate with interests spanning cement, food, and manufacturing. Its
Lagos-based subsidiary, BUA Cement, is currently Nigeria’s second-largest
cement producer and reportedly generated revenue of about ₦1.2 trillion ($776
million) in 2025.
Another
key arm of the group, BUA Foods, is also a leading player in Nigeria’s food
sector and ranks as the country’s second-largest pasta producer.
According
to Business Insider, Rabiu’s wealth has surged significantly this year, with
his net worth rising by about $8.88 billion year-to-date, reflecting strong
performance across his business portfolio.
His
global ranking has now climbed to 138th position among the world’s richest
individuals, overtaking South Africa’s Johann Rupert, whose net worth
reportedly stands at $17.7 billion.
Reports
indicate that Rabiu’s fortune was valued at about $15.9 billion just last week,
underscoring the rapid pace of his wealth growth.
Recent
financial results from BUA Foods further boosted investor confidence, with the
company posting a 14% increase in Q1 2026 after-tax earnings, rising to ₦142.32
billion from ₦125.28 billion in the same period last year.
Despite a reported 11% decline in revenue to ₦394.6 billion due to pricing adjustments, easing inflation, and improved foreign exchange stability, the company maintained strong profitability driven by cost efficiency and operational discipline.